Our Company LightPath Technologies, Inc. (“LightPath”, the “Company”, “we”, “our”, or “us”) was incorporated under Delaware law in 1992 as the successor to LightPath Technologies Limited Partnership, a New Mexico limited partnership formed in 1989, and its predecessor, Integrated Solar Technologies Corporation, a New Mexico corporation formed in 1985. Today, LightPath is a global company with facilities in the United States and the Republic of Latvia. Our corporate headquarters is located in Orlando, Florida. Historically, we operated with a focus on optical component manufacturing, and specifically on our leadership position as a precision molded lens manufacturer for visual light applications. We expanded our addressable market with the acquisition of ISP (as defined below), a manufacturer of infrared optical components, in December 2016. Since 2020, our strategy has been to move up the value chain by producing optical assemblies, modules and simple cameras. Through acquisitions, we have continued to enhance our.
Three drivers
ISP is a vertically integrated manufacturer offering a full range of infrared products from custom infrared optical elements to catalog and high-performance.
ISP Latvia is a manufacturer of high precision optics and offers a full range of infrared products, including catalog and custom infrared optics.
Department of Defense (“DoD”) contractors, commercial and industrial customers, and original equipment manufacturers (“OEMs”) for original new products.
Model · 8 fiscal quarters (last eight)
Fiscal quarter
2025Q1 2024-09-30
2025Q2 2024-12-31
2025Q3 2025-03-31
2025Q4 2025-06-30
2026Q1 2025-09-30
2026Q2 2025-12-31
2026Q3 2026-03-31
2026Q4 2026-06-30
Revenue ($M)
8.41
7.42
9.23
12.2†4
15.11
16.45
19.16
21.2†7
Gross profit ($M)
2.88
1.99
2.710
2.7†11
4.58
6.09
7.010
8.3†11
Operating income ($M)
-1.412
-2.513
-3.514
-4.5†15
-2.512
-8.613
-4.314
-4.3†15
Net income ($M)
-1.616
-2.616
-3.616
-7.1†17
-2.916
-9.416
-4.116
-4.1†17
EPS, diluted ($)
-0.0418
-0.0719
-0.0920
—
-0.0718
-0.2019
-0.0720
—
Diluted shares (M)
39.621
39.722
41.423
—
43.321
47.022
58.623
—
Cash ($M)
—
—
—
4.924
—
73.625
55.226
93.224
Long-term debt ($M)
0.327
0.228
4.729
4.830
4.931
—
—
—
Cash from operations ($M)
-1.732
-0.7†33
-3.2†34
-2.6†35
-1.132
2.8†33
-6.8†34
-5.1†35
Capex ($M)
0.136
0.1†37
0.4†38
0.7†39
0.136
0.9†37
0.9†38
4.4†39
Free cash flow ($M)
-1.8†40
-0.8†41
-3.7†42
-3.3†43
-1.2†40
2.0†41
-7.7†42
-9.5†43
† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.
Estimates · base scenario
No forward estimates yet: not yet estimated. Estimates are the desk's own; consensus is not stored.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving
300 similar days
Vs the market, in points
Low
Middle
High
Share up
1 session
-2.4
-0.0
+2.4
50%
5 sessions
-6.6
-0.1
+5.1
49%
10 sessions
-7.6
-0.1
+8.7
49%
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.
Scorecard: 1 note scored; 1 inside the 5-session band (100% coverage)
Next report date: not dated. Undated in the latest note (https://chartlibrary.io/research/views/lpth-defense-orders-cash-20260914): Append the actual September 14 close after the session finishes